Hawaiian Electric has shared a glimpse of expenses from the Aug. 8 Maui wildfires while vowing to vigorously contest litigation blaming the company for the disaster.

The utility and its parent disclosed in a recent financial report that their fire-related expenses totaled $20.4 million through the end of September.

Those costs, which included $10.8 million in legal expenses, were a primary factor in the profit of Hawaiian Electric Industries Inc. falling 34% to $41.6 million in the three months ended Sept. 30 from $62.6 million in the same quarter of 2022.

HEI and Hawaiian Electric released the financial report Thursday, and company officials said they are focused on recovery amid strong fundamentals of their business and a stockpile of cash while a torrent of litigation is pending mainly over the fire in Lahaina that killed at least 99 people and caused an estimated $5.6 billion in damage.

“Our hearts are with the people of Maui, and we remain committed to supporting the recovery and rebuild effort,” Scott Seu, HEI president and CEO, said in a statement with the earnings announcement. “We have a long road ahead as we work towards recovery and restoration, and we can only be successful by working closely together as a community.”

During a conference call with stock analysts Thursday, Seu said Hawaiian Electric is reexamining and updating near- and long-term spending plans to reduce risks of extreme weather events. Part of this effort includes spending $190 million, half from the federal government, on a 2022 proposal that still awaits a decision by the state Public Utilities Commission.

Seu also told analysts that as of Nov. 7 there have been 64 lawsuits filed against Hawaiian Electric by plaintiffs claiming losses related to the Aug. 8 disaster, including a fire in Upcountry Maui that destroyed 19 homes.

One of the 64 cases was filed by Maui County, and many cases also name other defendants that include Maui County, the state and private landowners.

“We will vigorously defend the litigation, and we intend to contest both causation and negligence,” Seu said.

Seu also indicated that the company will file counterclaims against other defendants, and noted that a current deadline to do that is Jan. 19.

No cause of the fire, which occurred amid a gale-force wind warning, has yet been determined by investigators performing that task.

During the conference call, Seu told analysts that the company and its leaders have family, friends, neighbors and employees who suffered fire losses and that it will take laulima, or many hands working together, for Hawaii to emerge strong from the disaster.

As an example, Seu mentioned a fund Gov. Josh Green announced Wednesday to make monetary payments to relatives of people killed by the fire and victims who were seriously injured if they forgo litigation.

Over $150 million has initially been put into the Maui Recovery Fund, including $75 million by Hawaiian Electric using insurance proceeds.

“Payment will be offered on an expedited basis, providing an alternative to a lengthy legal process and the costs associated with it,” Seu said. “Those who choose to participate will waive their ability to get compensated again through litigation related to associated claims.”

There has been some criticism of the offer, which Green said should result in initial payments of at least $1 million per person happening between April and June.

Mikal Watts, one attorney representing plaintiffs in a case against Hawaiian Electric, said in a statement Thursday, “The fund is a nice start and a good first step. But the entities that caused this disaster cannot escape a $10 billion liability with just $150 million.”

Maui County, the state and major Lahaina landowner Kamehameha Schools also are contributing to the fund’s initial $150 million sum.

There has been much speculation as to whether Hawaiian Electric, which was established in 1891, can remain financially solvent without seeking bankruptcy protection.

The company’s credit rating has been downgraded, and HEI’s stock price has plummeted, both of which make it more difficult to raise cash.

Scott Deghetto, HEI chief financial officer, said on the conference call that HEI and Hawaiian Electric had $127 million and $275 million in cash, respectively, as of Sept. 30.

Much of this cash was stockpiled in late August by drawing down available revolving lines of credit. HEI also suspended its stock dividend at the same time, which Deghetto said represents about $40 million in cash retention quarterly.

“The revolver draws and dividend suspension have created significant liquidity runway as we work through the timing and potential impacts of litigation,” he said on the conference call. “We wanted you to know that we are resolved to continue taking the right steps to remain a financially healthy enterprise best positioned to support the needs of our customers and the state of Hawaii.”

Deghetto also said the companies have $90 million of liability insurance coverage remaining after using $75 million for the Maui Recovery Fund.

One analyst on the call asked whether HEI, which owns American Savings Bank, was considering selling assets like the bank.

Deghetto didn’t give a conclusive answer. “At this point,” he said, “we just are not going to speculate on any of those potential options.”

American Savings, the third-largest bank in Hawaii, paid HEI $14 million in dividends during the recent quarter. The bank reported $11.4 million in net income during the quarter, down from $20.8 million in same quarter of 2022. The de­crease was primarily due to wildfire-related costs of $8.6 million, including $5.9 million needed to increase credit reserves tied to loans.

American Savings lost a branch in Lahaina to the fire, and has roughly $742 million in “credit exposure” in Maui, meaning loans with customers who are at higher risk of default given impacts including economic disruption from the wildfire.

Deghetto said on the conference call that 95% of these loans are secured by real estate.

In wrapping up the conference call, Seu reiterated that the overarching objective is for the HEI companies to remain a strong, financially healthy enterprise.

Shares of HEI stock tumbled Friday to close $11.61 after closing at $14.01 Thursday before the financial report’s release. Shares of HEI were at $37.36 the day before the Lahaina fire, and since then have closed as low as $9.66 on Aug. 25. On Monday, shares slid a bit more since Friday to close at $11.45.